Drilling Tools Market Procurement Intelligence Report

Access curated Drilling Tools procurement intelligence and solve all your questions on Drilling Tools procurement outlook, cost saving opportunities in Drilling Tools procurement and potential Drilling Tools partners.

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Scope of the report

This report on global Drilling Tools category is part of a larger series of reports on global Engineering Products and Equipment market. The scope of Engineering Products and Equipment spans multiple categories and is typically identified as a procurement category that includes all spend related to the provision of goods related to the operation of industrial and engineering services, including machines, equipment and supplies related to cranes, engines and machinery, measurement and testing, hardware and instruments.

KEY PROCUREMENT INSIGHTS COVERED

Strategic Sourcing Guide to Drilling Tools Procurement

Overview

The market for Engineering Products and Equipment and its sub-segments such as Drilling Tools are at an interesting intersection. Procurement costs for Drilling Tools are highly impacted by an increase in the costs associated with the value chain of Drilling Tools, such as logistics, labor cost and energy. Additionally, outdated assets are also increasing the cost for suppliers.

Several structural changes including M&As and vertical integration efforts of suppliers are characterizing the broader market. Such strategic developments can erode the strength of previously established supplier relationships due to changed realities in the supplier's ecosystem. At the same time, buyers may also find opportunities to onboard new suppliers with a wider range of offerings or better contract terms for .

Suppliers are under an enhanced pressure to offer greater quality, options that suit unique requirements and overall experience of the customer stakeholders involved.

Trends like these and many others discussed in this report are necessitating a relook at the way Drilling Tools is procured and the procurement cost saving opportunities that exist.

Drilling Tools Procurement Best Practices

Drilling Tools procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Drilling Tools procurement strategy.

For example, Strong R&D focus is the sign of a supplier committed to enhancing the quality and cost proposition of its solutions. Buyers should collaborate with such suppliers for development of low-cost but highly efficiency products that can bring their OPEX down.

Buyers should invest in benchmarking studies that help category managers to improve their knowledge on market pricing or billing rates of service providers. This helps them to not only save costs but also increase their negotiation power.

Buyers should assess the level of adoption of the latest technologies by suppliers to assess cost-saving opportunities and quality that can be provided by the latter. For instance, the adoption of technologies such as cloud computing will enable suppliers to reduce their internal computing hardware requirements for operations such as CAD and CAM. This can, in turn, enable them to reduce their operating costs, thereby suppliers can offer products at lower rates to buyers.


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Risks in Drilling Tools procurement

Drilling Tools procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Drilling Tools procurement. Some examples include:


  • Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
  • Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
  • Political and regulatory changes pose significant risks to the category. For instance, imposition of tariffs on raw materials required to manufacture the finished goods increases costs. Similarly, restrictions on import of goods or raw materials from a particular country also contributes to significant risks. Additionally, insufficient IPR protection and product liability lawsuits lead turnout to be huge risk factors for the category

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Who should read this report

  • Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

    You may have just initiated your research to design a winning Drilling Tools procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

    The report is intended to serve as a one-stop reference guide for Drilling Tools procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Drilling Tools: Procurement Report 101” as well as for category experts actively tracking the global Drilling Tools procurement market.

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Key questions on Drilling Tools procurement answered by this report


    The Drilling Tools procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

     

    • What is the spend potential in the Drilling Tools market?
    • What is the correct price to pay for Drilling Tools? What are the key trends and factors that influence current and future pricing?
    • Which selection criteria are the most important for Drilling Tools Suppliers Market?
    • Who are the top Drilling Tools suppliers? What are their cost structures?
    • What are supplier margins in Drilling Tools market?
    • Which negotiation levers can reduce Drilling Tools procurement cost ?
    • What are the best practices for Drilling Tools procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Drilling Tools Category Insights: What is inside

The Drilling Tools market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Drilling Tools procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Drilling Tools. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Drilling Tools market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Drilling Tools category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

  • Buyer and supplier ecosystem
  • Competitiveness index
  • Buyer and supplier power
  • Threat of new entrants and substitutes

Global and Regional Sourcing Insights

  • Category spend
  • Spend growth
  • Dynamics
  • Opportunities

Pricing and Cost Analysis

    • Pricing outlook and data
    • Drivers of pricing
    • Cost structure and inputs cost
    • Total cost of ownership
    • Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

  • Buyer and supplier side levers
  • Quantified cost saving opportunities
  • Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

  • Procurement excellence
  • Sustainability and innovation
  • KPIs and category enablers
  • Risk management and outsourcing

Vendor Analysis

  • RFx essentials and selection criteria
  • SLAs
  • Supplier evaluation metrics
  • Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

Category Research Framework


SpendEdge presents a detailed picture of Drilling Tools procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

Information Sources


Primary research
Secondary research
Procurement heads
Industry journals and reports
Category managers
Periodicals and new articles
Sourcing consortium professionals
Category webinars
Industry experts and thought leaders
Internal categiry playbooks
Procurement managers
Industry/government websites on regulations, compliance
Category heads of suppliers
Internal databases
Client account heads/managers
Industry blogs/thought leader briefings
Client and industry consultants

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